Following the 2013 triennial actuarial valuation of the ATW shared cost section of the Railways Pension Scheme the draft results reveal, allowing for future contributions, a deficit of £3.8 million with a funding level of 98.5%.

After seeking actuarial advice management have made the following proposal:

• 15 Year Recovery Period

• Joint Contribution Rate to increase:

Transferred ATW (ex NWT) members and all other members:

o Member from 10.56% to 10.66% (+0.10%) / Employer 15.84% to 15.99% (+0.15%)

• No benefit changes

The General Grades Committee in consideration of this proposal noted and adopted the following report on 11th November 2014:

“We note that the employer has proposed an increase in the present levels of contributions and a recovery period of 15 years in line with actuarial advice.

We further note that our representatives are recommending acceptance of the company’s proposal.

Therefore we instruct the General Secretary to inform the company of our acceptance of their proposals.”